Building Blocks of Data Monetization
Originally published: 16/12/2020 08:57
Last version published: 16/12/2020 21:28
Publication number: ELQ-69109-2
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Building Blocks of Data Monetization

Data Monetization is the effective use of data to achieve positive and measurable impact on business revenue.

We are already living in the Age of Data. In fact, every organization operating today is essentially a data organization. However, only 1 in 12 are actually monetizing data to its full extent.

Many organizations are already leveraging Data and Analytics to generate growth. Data Monetization is the means to achieve that growth.

Data Monetization is the effective use of data to achieve positive and measurable impact on business revenue. In McKinsey’s Global Survey on Data and Analytics, it was found that 70% of executives reported that Data and Analytics have made changes in our industries’ competitive landscape.

The most common change is entrants launching new data-focused businesses that undermine traditional business models. The greatest impact is strengthening our company’s competitiveness.

Meaningful Data Monetization is achieved if the fundamental building blocks of a successful Data and Analytics program are set up. There are 3 such building blocks:

1. Strategy - Having a comprehensive, long-term strategy for analytics enables our company to effectively respond to changes in core business practices.

2. Organization and Talent - A hybrid model incorporates elements of both a decentralized and centralized organization model. Analytics leader use hybrid model led by a Center of Excellence (CoE). Attracting and retaining talent with technical and domain expertise is a pressing need of our company. Yet, this has become a challenge for our company.

3. Leadership and Culture - Successful Data and Analytics programs require real commitment and consistent message from business leaders. Senior management involvement in Data and Analytics activities is the number one contributor to reaching our company’s objectives.

Data Monetization requires significant effort to keep our company ahead of traditional competitors and new disruptors. Effective Data Monetization is achieved when it is business led with C-level suit commitment and support.

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